What knowledge should Taxpayers expect from an ERPA with respect to Pension Plans?
The IRS has stated that an "ERPA must be knowledgeable in two areas: the Tax Code requirements that apply to qualified plans, and the ethical requirements under Circular 230 for practicing before the IRS."
Furthermore, an ERPA must have a working knowledge of:
1. Plan document requirements;
2. Plan operation and administration;
3. Filing requirements (Form 5500); and
4. IRS programs (e.g., Determination Letter program, EPCRS).
Taxpayers will be expecting a strong degree of competency from an ERPA designated person in the areas outlined above.